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  Method and apparatus for integrated payments processing and decisioning for internet transactionsUSPTO Application #: 20080162317Title: Method and apparatus for integrated payments processing and decisioning for internet transactions Abstract: A method and apparatus provides a decisioning solution for merchants accepting Internet transactions, integrated with means for processing payments electronically. The invention claimed herein provides features, such as, but not limited to, electronic transfer of funds, authentication of parties, seemless integration with merchant's Web page, and reporting of suspicious activity. (end of abstract)
Agent: Glenn Patent Group - Menlo Park, CA, US Inventors: Michelle BANAUGH, Peggy J. FRY, David POTTER, George Luis WOOD USPTO Applicaton #: 20080162317 - Class: 705 35 (USPTO) The Patent Description & Claims data below is from USPTO Patent Application 20080162317. Brief Patent Description - Full Patent Description - Patent Application Claims
CROSS-REFERENCE TO RELATED APPLICATION
This application is a continuation of U.S. patent application Ser. No. 09/703,357 filed on Oct. 31, 2000 (Attorney Docket No. WELL0011) which is incorporated herein, in its entirety, by reference hereto. BACKGROUND OF THE INVENTION1. Technical Field The present invention relates to Internet transactions and the consequent collection of funds. More particularly, the present invention relates to a method and apparatus for providing an integrated decisioning solution for merchants accepting Internet transactions with processing payments electronically. 2. Description of the Prior Art While traditional payment systems, such as, for example, gateways with credit cards, continue to dominate the majority of Internet payments, a growing number of payment alternatives has developed. Alternative systems allow merchants to easily receive payments from a variety of sources including, for example, checking accounts, credit cards, lines of credit, and cyber-value. Large established merchants, such as, for example, Wells Fargo, Card Services International, Bank of America, and Chase, generally use payment gateways and software combination with merchant acquirers to accept credit cards and electronic checks (eChecks) from an Automated Clearing House (ACH). Medium sized merchants also use payment gateways and merchant acquirers. Some medium and larger sized merchants also accept cyber-value through affiliate marketing programs. For example, Blockbuster and Omaha Steaks accept cyber-value through Beenz, and GiftCertificates.com accepts cyber-value through Yahoo Points. Smaller sized merchants, auction sellers, and individuals turn to person-to-person (P2P) payment solutions. Most solutions require pre-funding a stored-value account, then initiating payment from the stored-value account. For example, PayPal, YahooPayDirect, and Billpoint use store-valued accounts. Micro-payment merchants, such as, for example, digital goods, services, and subscriptions, are using payment aggregators to manage transactions over a period of time, and then process and settle at the end of the period. For example, The Wall Street Journal and the New York Times use Q-Pass for billing to credit cards, and Ezone and Hometips.com use e-Charge for billing to phone bills. PayPal has been dominant P2P payment system for several reasons, cited herein below:
Viral Marketing. PayPal pays new users $5.00 and also pays $5.00 per referral. Originally PayPal paid $10 for new members and referrals but lowered the amount to $5.00 after they acquired over 1 million users. Additional limitations to qualify for the referral fee have been implemented recently by PayPal. To qualify for the referral fee, a consumer has to register as a Business/Premier account or post $50 to the PayPal account via a checking account direct debit. Some auction sellers advertise free items for users using PayPal. The seller can get $5.00 for referrals if the previously mentioned qualifications are met.
Free transaction processing. PayPal previously did not charge individuals to fund the account or to receive money. Recently, PayPal announced a fee increase for their payment services. Free consumer accounts now have limited transaction amounts. If the transaction limit are exceeded, the account is charged based on the Business/Premier account price structure.
Simple sign up and product use. Sign up requires name, address, e-mail address, and a funding source, such as a credit card number or a bank account number. Users can easily request money from any person with an e-mail address. Auction sellers and small merchants can simply add a PayPal button to enable them to accept payments.
Adapts quickly to meet market concerns and opportunities. In response to a few fraud scenarios, PayPal claims that they acted quickly to address system and process deficiencies. For example, PayPal now claims that a PayPal buyer using a credit card is now afforded all of the same rights that a credit card consumer with a dispute is provided. Also PayPal now requires better verification of bank account ownership before transferring money from the bank account via the ACH.
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